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On Jan. 1, 2013, the estate tax is set to climb to as high as 55 percent among the highest in the world economy with the exclusion rate dropping to just $1 million, making 2013 a bad year to die for small businesses owners and the wealthy.
The estate tax often called the death tax had been on the decline due to the Bush tax cuts, even reaching zero in 2010. Since then, it has risen back to 35 percent, with an $5 million exclusion, where it remains today.
Read more: 'Death tax' increase makes 2013 a very bad year to die | The Daily Caller
On Jan. 1, 2013, the estate tax is set to climb to as high as 55 percent — among the highest in the world economy — with the exclusion rate dropping to just $1 million, making 2013 a bad year to die for small businesses owners and the wealthy.
The estate tax — often called the death tax — had been on the decline due to the Bush tax cuts, even reaching zero in 2010. Since then, it has risen back to 35 percent, with an $5 million exclusion, where it remains today.
Read more: 'Death tax' increase makes 2013 a very bad year to die | The Daily Caller
Many people believe that Congress will compromise on a $3.5 million exclusion, however who knows what will happen if the Dems win? How many different ways have they concocted to "screw the rich"?
Estate planners must be quite busy these days.
They'll end up agreeing to a compromise that reduces the rate and raises the exemption relative to current law. As for the ethical argument, the estate tax encourages people to do productive things instead of having an aristocracy (or at least more of one than we already have).
the estate tax encourages people to do productive things
IMO we are well on our way to becoming a Plutocracy with the passage of Citizens United v. Federal Elections Commission (558 U.S. 50 (2010).
- those with the biggest bucks come together and create a climate of hate and fear to influence an election.
those with bucks acquired them with intelligence and hard work in stable societies.
those with bucks acquired them with intelligence and hard work in stable societies.
Inheritance doesn't require much in the way of intelligence or hard work.
those with bucks acquired them with intelligence and hard work in stable societies.
Inheritance doesn't require much in the way of intelligence or hard work. Or were you talking about a world with a fair-sized estate tax in which wealth accumulation might have some relation to individual merit?
The kids at Harvard very often have parents who went to Harvard. Do you know what it takes to get in there?
The kids at Harvard very often have parents who went to Harvard. Do you know what it takes to get in there?
Less when one enjoys legacy preference in the admissions process.
And it sticks it the white man...
... a liberal ghetto kid!!!
And it sticks it the white man...
... a liberal ghetto kid!!!
There's something very ugly going on here.
The Estate Tax taxes Capital Gains. Opponents of estate taxes want more tax-free income for the rich.
The Estate Tax taxes Capital Gains. Opponents of estate taxes want more tax-free income for the rich.
The Estate Tax taxes Capital Gains. Opponents of estate taxes want more tax-free income for the rich.
What do you guys think rich people do with their money.
Sit around all day and count it.
I read a book recently about the rich people on Long Island NY.
The main character was commenting about how much it would cost
to lay down a new layer of material to redo the driveway up to the house.
The cost was around $10,000.000
Now this was a novel but it struck me a few weeks later when I was sent on a service
call to a house similar to those in this novel.
The front lawn of this home could have easily been a par 3 golf hole at a very nice golf course.And the landscape was being cared for by a landscaping company.
Was that being done for free.
The bill my company presented to the owner of this home was $2,500.00
The yearly bill for the landscaping services has to be a few thousand dollars.
The yearly property taxes for this home in Nassau County NY is extremely high.
Why is there just a love affair from the Democrat party to tax the crap outta people to provide goods and services to people who have no interest and no motivation to do anything for themselves.
The Estate Tax taxes Capital Gains. Opponents of estate taxes want more tax-free income for the rich.
too stupid
1) it taxes the entire estate above the personal exemption amount!
2) since the rich, not the poor, create the products and jobs that got us from the stone age to here the more they have the better for all of us.
A liberal will be far too slow to refute this; just watch and see why we are 100% positive liberals are slow and should not even be allowed to vote.
You're advocating tax-free income for the rich.
2) The poor and the middle class create all the products we buy,
The Rich just sit on top and siphon money out of the system for themselves. E.g. the only work on Romney's 2010 tax return is speaking fees. And, if he weren't a politician, he wouldn't even have been that productive, not that giving a few speeches is productive.
